The police charge digital asset fraud, money laundering, and organized fraud against investors

​The Sirin Labs founder was arrested for fraud in Israel

19.11.2021 - 11:25

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1 min

What’s new? Moshe Hogeg, Chairman of the Blockchain Research Institute at the Tel Aviv University and founder of the blockchain startup Sirin Labs, and his colleagues were detained by Israeli police on suspicion of cryptocurrency fraud. This was reported by the Jerusalem Post newspaper.

Information on the Jerusalem Post website

What are the suspects accused of? The police have detained Hogeg and seven other suspects, including his business colleagues and employees. They were arrested on charges of digital asset fraud, money laundering, and organized fraud against investors. The police allege that the detainees offered to invest in Moshe Hogeg's new cryptocurrency project, which was never launched. According to law enforcement agencies, the suspects presented false reports to investors, encouraging them to make further deposits.

What events preceded it? In 2020, international holding Foxconn sued Hogeg for failing to pay a $6 million bill used in the creation of Sirin Labs Finney blockchain smartphones.

Foxconn filed a lawsuit against Sirin Labs

During the investigation, the police charged the suspect with money laundering and tax crimes. However, his lawyers Amit Hadad and Moshe Mazor stated Hogeg denies all the charges against him. He is cooperating fully with investigators, they said.

Author:

Tatiana Darda Tatiana Darda

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